IMPORT EXPORT CODE LICENSE
IEC CODE LICENSE REGISTRATION @1999/-
Necessary for Import & Export Businesses
If your Business is into Import & Export of goods, having an IEC Code License Number is necessary. Get your IEC Code Registration Online with The Startup-Booster Legal Consultants for a hassle-free process.
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WHAT IS IEC CODE REGISTRATION?
GET YOUR IMPORT EXPORT CODE LICENSE @Rs. 1999/-
After liberalization in 1991, the Indian markets were opened to international investment. Indian enterprises were also permitted to invest in other nations in addition to these prospects and can conduct import and export operations as well. By adopting the Import Export Code License registration in India, the Government of India, Ministry of Commerce, and Director General of Foreign Trade (DGFT) made it easy for businesses.
Any business entity can take advantage of the Government of India’s benefits by getting Import Export code registration. Apart from that, adhering to the IEC code license requirements allows for greater opportunity variety. It is required to obtain Import Export license certificate before going abroad. There are a variety of benefits that come with pursuing this Import Export License registration.
Import Export Code license is abbreviated as IEC. This accreditation is required by any school or business that wishes to expand its opportunities. This accreditation is required for any individual, partnership, or business conducting import and export activities in India.
The Director General of Foreign Trade (DGFT) issues this certification. It is a ten-digit number that proves the company’s ability to import and export goods. The applicant must first apply for an IEC code registration procedure.
Import Export License Certificate has a lifetime validity. Meaning, the applicant will not need to go through the IEC code registration renewal process. IEC code registration procedure would normally take a month to secure. Any business entity that does not meet the import export code registration process requirements will not be permitted to carry out import export operations.
REGULATORY BODY FOR IMPORT EXPORT LICENSE CERTIFICATE REGISTRATION
The Director General of Foreign Trade is the primary regulating authority for IEC code license registration. The IEC is governed by the Government of India, the Ministry of Commerce, and the DGFT. For an IEC code license registration, separate application must be submitted to the DGFT. The official website of DGFT offers an online version of the registration system.
The Startup-Booster- Legal Consultants is here to help you with your Import Export Code License Registration.
GST AS DEFINED BY IEC CODE REGISTRATION
IS GST REQUIRED FOR IEC?
In the year 2017, the Goods and Services Tax Act imposed indirect taxes on products imported into the country. This will also apply to interstate commerce routes.
When products are imported into the country, the GSTIN number is required to be quoted. For each transaction, this procedure must be used on a regular basis.
Apart from that, the IEC code license number is assigned using the Permanent Account Number (PAN).
The GSTIN would be referenced on transactions that represent imports. This will be used to figure out how much interstate trade there is. The GSTIN number should also be supplied for any other type of return or rebate that may be appropriate.
A Government institution that performs import and export operations and procedures is not required to get the Import Export Code License.
BENEFITS OF IEC CODE REGISTRATION
KEY ADVANTAGES OF IMPORT EXPORT CODE LICENSE
Business Diversification
Opportunity to expand business through exports and imports without compliance worries.
No Returns to Be Filed
No need to file returns after obtaining the Import Export Code.
Effortless Processing
100% online registration process with seamless and quick processing.
Perpetual License
No need for renewal, as IEC registration is a one-time process.
Benefits from Government
Eligible businesses can avail government schemes and incentives.
Government Sanctioned
Products exported must comply with DGFT standards, enhancing reputation.
WHO NEEDS IEC CODE LICENSE?
IMPORT EXPORT CODE REGISTRATION ONLINE
Proprietorship Firm
An individual who is involved in the import and export procedure must obtain Import Export License Certificate.
Partnership Firm
A partnership firm is required to have an IEC code license number if it is exporting and importing products.
Limited Liability Partnership
In the business of trading outside India, every partnership created under the limited liability partnership act of 2008 would be required to obtain this certification.
Private Limited Company
If a Private Limited company is engaged in transporting items or goods outside the country, it must obtain IEC code license under the Companies Act of 2013 or a previous company statute.
Hindu Undivided Family
This type of certification is also required for carrying out imports and exports by any Hindu Undivided Family where the individuals are made up of a Karta and Sole members.
Society
To carry out import export activity, any society founded under the Co-operative society or society’s registration act will need this IEC license number.
EXEMPTION FROM THE IEC CODE REGISTRATION
- For personal import or export, IEC registration is not required.
- Individuals who intend to export or import products to or from Myanmar and Nepal via China and the Indo-Myanmar fringe zones in one transaction with a value of less than INR 25,000 do not need IEC code license registration number.
- Import Export license registration would not be necessary for specialised chemicals such as SCOMET (Scientific Chemicals, Organisms, Material, Apparatus, and Technologies), as defined in Appendix – 3, Schedule 2 of the ITC (HS).
IMPORT EXPORT CODE REGISTRATION DOCUMENTS LIST
- • (3*3) Applicant’s Digital Photos
- • Details about the proprietor’s PAN
- • The applicant’s unique identification (Voter ID, Passport, Driving License)
- • Sale deed (if privately owned)
- • Lease agreement (if rented)
- • Applicant’s digital photos (nine)
- • Copy of the Partnership Deed
- • PAN Card
- • Unique identification (Voter ID, Passport, Driving License)
- • Sale deed (if privately owned)
- • Lease agreement (if rented)
- • ANF 2A bank certificate
- • (3*3) Photographs of the Applicant
- • Copy of PAN card
- • Unique identification (Voter ID, Passport, Driving License)
- • Sale deed (if privately owned)
- • Lease agreement (if rented)
- • ANF 2A bank certificate
- • Trust’s Certificate of Registration
- • Copy of Trust Deed
- • (3*3) Digital Photos (Managing Trustee)
- • Copy of PAN card
- • Unique identification (Voter ID, Passport, Driving License)
- • Sale deed (if privately owned)
- • Lease agreement (if rented)
- • ANF 2A bank certificate
- • (3*3) Digital Photos (HUF Karta)
- • The Karta’s PAN Card
- • Unique identification (Voter ID, Passport, Driving License - Karta)
- • Sale deed (if privately owned)
- • Lease agreement (if rented)
- • ANF 2A bank certificate
As a Bank Proof, a cancelled cheque without a pre-printed name of the account holder will not be accepted, as per Trade Notice No. 39/2018-19 issued on December 12, 2018. The pre-printed cheque can be for a savings account or a current account.
For carrying out successful IEC Code registration process, it must be noted that the above-mentioned papers need to be uploaded online in digital format (GIF, JPEG) with a maximum file size of 5MB.
Hence, any application for Import Export Code Certification would be required to present the above papers.
Import Export Code Registration Process
Follow these simple steps to complete your IEC registration.
Collecting Documents
Prepare Aadhaar, PAN, Business Name, and Bank Details.
Filing Application
Submit application online via DGFT with Aadhaar OTP/DSC.
Payment of Fees
Pay Rs. 500/- via BharatKosh portal for registration.
Issuance of IEC
Receive IEC via email & SMS after verification.
WHEN TO APPLY FOR IMPORT EXPORT CODE REGISTRATION?
IEC CODE LICENSE REGISTRATION
The following situations necessitate IEC code registration process:
- Necessary for APEDA registration.
- Exporting shipments to other countries.
- This number is essential if the exporter receives any type of subsidy.
- IEC code registration is necessary for Food Licensing and FSSAI registration.
- For obtaining clearance from Customs’ Department officials for the importer's shipments.
- Import Export Code number is required while sending money abroad through a licensed bank.
- Import Export Code license number is required by the bank when the exporter receives inward remittance.
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